##### Table of Contents



U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-KSB/A

AMENDMENT NO. 1


(Mark One)

x
    
    Annual report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended September 30, 2003.


o
    
    Transition report under section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from_____________ to_______________.


Commission file number 0-18808

Great Western Land and Recreation, Inc.

(Name of small business issuer as specified in its charter)


Nevada
    
    13-3530765(State or other jurisdiction
of incorporation or organization)
    
    (IRS Employer Identification No.)5115 N. Scottsdale Road, Suite 101, Scottsdale, AZ
    
    85250(Address of principal executive offices)
    
    (Zip Code)


Registrants telephone number: (480) 949-6007

Securities registered under Section 12(b) of the Act: None

Securities registered under Section 12(g) of the Act:

Common Stock, Par Value $0.001
(Title of Class)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes x    No o

Indicate by check mark if there is no disclosure of delinquent filers in
response to Item 405 of Regulation S-B contained in this form, and no
disclosure will be contained, to the best of registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-KSB or any amendment to this Form 10-KSB. o

The registrants revenues for the fiscal year ended September 30, 2003, were
$2,263,056.

There is currently no active trading market for the Registrants common stock.
There have been no trades of the Registrants common stock within the last 60
days. The aggregate value of the voting stock held by non-affiliates of the
registrant as of November 30, 2003 based on the par value of $0.001 per share
was $1,358.

The number of shares of the Registrants Common Stock outstanding at November
30, 2003 was 20,781,965.

DOCUMENTS INCORPORATED BY REFERENCE
None.

TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT: Yeso    Nox

1



---

TABLE OF CONTENTS



|                                                   |  |  |  |  |  |  |  | 
|-------------------------------------------------- |  |  |  |  |  |  |  | 
|EXPLANATORY NOTE                                  
|REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
|SIGNATURES                                        
|EX-31.1                                           
|EX-31.2                                           
|EX-32.1                                           
|EX-32.2                                           



---



##### Table of Contents



GREAT WESTERN LAND & RECREATION, INC.

FORM 10-KSB/A AMENDMENT NO. 1

FISCAL YEAR ENDED SEPTEMBER 30, 2003




EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 10-KSB of Great Western Land
& Recreation, Inc. (the Company) amends the Companys Annual Report for the
fiscal year ended September 30, 2003, originally filed on December 29, 2003
(the Original Filing). The Company is filing this amendment due to the change
of issuing office of the auditors opinion issued by the Companys independent
auditing firm from Fountain Hills, Arizona to Wichita, Kansas. In addition, in
connection with the filing of this Amendment and pursuant to the rules of the
Securities and Exchange Commission, the Company is including with this
Amendment certain currently dated certifications.

Except as described above, no other changes have been made to the Original
Filing. This Amendment continues to speak as of the date of the Original
Filing, and the registrant has not updated the disclosures contained therein to
reflect any events that occurred at a date subsequent to the filing of the
Original Filing. The filing of this Form 10-KSB/A is not a representation that
any statements contained in the Original Filing are true or complete as of any
date subsequent to the date of the Original Filing.

2



---



##### Table of Contents






REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Board of Directors and Stockholders
Great Western Land and Recreation, Inc.

We have audited the accompanying consolidated balance sheet of Great Western
Land and Recreation, Inc. as of September 30, 2003 and the related consolidated
statements of earnings, stockholders equity and comprehensive income and cash
flows for the nine months ended September 30, 2003 and for the year ended
December 31, 2002. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Great Western
Land and Recreation, Inc. as of September 30, 2003 and the consolidated results
of its operations and its consolidated cash flows for the nine months ended
September 30, 2003 and for the year ended December 31, 2002, in conformity with
accounting principles generally accepted in the United States of America.

Grant Thornton LLP

Wichita, Kansas
November 6, 2003

3



---



##### Table of Contents






SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

GREAT WESTERN LAND AND
RECREATION, INCRegistrant)Date: January 13, 2004
    
    By /s/ Jay N. TorokJay N. TorokChairman of the Board


In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.

Signatures
    
    Title
    
    Date/s/ Jay N. Torok
    
    Chairman of the Board (Principal Executive Officer)
    
    January 13, 2004Jay N. Torok/s/ Ron OConnor
    
    Chief Financial Officer (Principal Financial
Officer; Principal Accounting Officer)
    
    January 13, 2004Ron OConnor/s/ Roger B. Clark
    
    Director
    
    January 13, 2004Roger B. Clark/s/ Daniel Tracy
    
    Director
    
    January 13, 2004Daniel Tracy


4